{"id":494857,"date":"2022-07-04T17:00:17","date_gmt":"2022-07-04T17:00:17","guid":{"rendered":"https:\/\/wncen.com\/?p=494857"},"modified":"2024-06-11T10:36:48","modified_gmt":"2024-06-11T10:36:48","slug":"mounting-support-for-bitcoin-at-19000-as-market-ushers-in-a-new-week","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/mounting-support-for-bitcoin-at-19000-as-market-ushers-in-a-new-week\/","title":{"rendered":"Mounting Support For Bitcoin At $19,000 As Market Ushers In A New Week"},"content":{"rendered":"
Bitcoin has come out of the weekend with less than favorable performance but it has not been all bad for the digital asset either. After falling below $20,000, it trended low towards the end of last week. However, the cryptocurrency has been able to hold the $19,000 level despite efforts from the bears to pull it down. This has been due to a number of factors but most importantly is the support that has been forming at this level.<\/p>\n
After struggling to hold above $19,000 for most of last week, the digital asset had subsequently found its footing above $19,000. This price point is important for bitcoin given that it was where its previous cycle peak had occurred. Although it had actually broken below this point multiple times this year already. However, with the recovery above 19,000 once, the bulls look to have found their spot and the support at this level has been growing.<\/p>\n
Related Reading |\u00a0Leading Crypto Exchanges See Negative Funding Rates, Have The Bears Taken Over?<\/a><\/strong><\/em><\/p>\n It is propelled forward by bitcoin investors who are taking this as a cue to buy the digital asset for cheap. Mostly, whales have been the most active during this time even amid the extremely low investor sentiment. These whales who are purchasing their tokens on spot continue to fill their bags.<\/p>\n Data shows that these wallets that hold more than 1,000 BTC on their balances have added 140,000 BTC per month, which has brought their total holdings to 8.69 million BTC. This means that these bitcoin whales now hold 45.6% of the total circulating supply.<\/p>\n <\/p>\n The whales are not the only ones buying up bitcoin. Smaller holders with less than 1 BTC have also ramped up their activities by buying at these prices. They have added to their balances at a rate of 36,750 BTC per month, bringing their total holdings to 1.12 million BTC, or 0.2% of the circulating supply.<\/p>\n As of the early hours of Monday, bitcoin had begun another recovery trend that has put the price above $19,300. Although not a significant recovery by any stretch, it has put the digital asset on a green start to the new week.<\/p>\nBTC continues recovery trend | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Will Bitcoin Continue To Hold?<\/h2>\n